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I have been in the mortgage industry for over 10 years and I can't remember when rates have been this low. Rates are in the 4% range for a 15 year term. That is just incredible.

Right now, the very best loan, if you are eligible, is a VA loan. Rates on a 30 year term are in the 5% range. If you're not familiar with a VA loan, you can get 100% financing and you can usually negotiate with the seller to pay all of your closing costs. So basically, you're getting into a new home without a penny coming out of your pocket. The greatest benefit of a VA loan is that you don't have to pay the dreaded private mortgage insurance (pmi). On a conventional loan, anytime you are borrowing over 80% of the purchase price the lender will require that you pay pmi until the balance reaches 80% of the original purchase price or the value of the home. 

Another great loan that we have started to offer is the USDA Rural Development Loan. It is easier to qualify for these types of loans compared to a conventional loan. And, like VA loans, you don't have to pay pmi. The only drawback is that there are income limitations and the property can not be within city limits of larger cities such as OKC, Tulsa, or Lawton. The property can be within the city limits of a smaller town or a rural area.